Owning a franchise business or multi-locations has many different financial aspects of the business. Having regulations to follow, staff to employ and having business to generate. A customized chart of accounts is one way to always have the financial data you need at your fingertips. Allowing you and your management team to make the best-informed decisions about your business at any given time.
WHAT IS A CHART OF ACCOUNTS?
A Chart of Accounts is a listing of all your accounts used in the general ledger of your organization. The data then aggregates information into a unit’s financial statements and is typically sorted in order by an account number to simplify the task of locating definitive accounts.
In other words, it groups and organizes your transactions into certain categories, such as a collection of boxes that holds each transaction that make up the influx and out-flux of currency in your business.
WHY IS A CHART OF ACCOUNTS NEEDED? When it comes to your accounting system, this chart of accounts is the cornerstone of your business. Depending on the type of account, your accounting system knows exactly where to put each balance and financial statement. Every part of your financials has a system and it all starts with this chart of accounts.
CUSTOMIZING YOUR CHART OF ACCOUNTS
Do I need to customize? When should I customize?
Are you flooded with useless categories and your reports seem like your reading in a foreign language? This is where it makes sense to bring in a professional as your chart of accounts should reflect your specific business. As one of the leading San Diego Franchise Bookkeeping Services, we will work side by side with you to customize your chart of accounts.
Our San Diego Franchise Bookkeeping services will keep each franchisee’s chart of accounts up to date and will customize each branch to its needs. We will set it up so that you have parent accounts that run an expanded or collapsed report, so that you can keep track of your franchises’ business. We will keep your chart of accounts simple and coded properly.
For more information on how you can get started click here today!
